HK Hot Stocks: Shipping plays soar, coal stocks down

HONG KONG, Jan 31 (Reuters) - Here are some stocks on the move in Hong Kong on Thursday:

As of 0245 GMT, the blue-chip Hang Seng Index .HSI was down 0.4 percent, erasing opening gains.

The index had opened up 0.6 percent at 23,789.72.

STOCKS ON THE MOVE:

* Shipping stocks rose sharply following a recent correction and amid expectations the Baltic Dry Index .BADI, an indicator for commodity-freight rates, would see a seasonal rebound after plummeting from an all-time high set in October.

Dry bulk shipper Pacific Basin (2343.HK) leapt 11.3 percent to HK$10.80 and China COSCO (1919.HK) surged 9.2 percent to HK$17.26.

Sinotrans Shipping (0368.HK) shot up 6.1 percent to HK$4.56.

* Esprit Holdings Ltd (0330.HK), the world's No. 5 fashion retailer, jumped 6.1 percent to HK$99.25 after beating forecasts with a 37 percent rise in first-half earnings, thanks to growing sales and a stronger euro [ID:nHKF078872].

* Coal stocks sank following their recent run-up. Also, Goldman Sachs cut its stock rating for China's coal sector to neutral on weak demand outlook and high valuation [ID:nHKG164938].

Yanzhou Coal (1171.HK) dived 8 percent to HK$12.72 and China Coal (1898.HK) tumbled 8.8 percent to HK$17.94.

China Shenhua Energy (1088.HK), the country's top coal producer, declined 3.3 percent to HK$40.

* Mainland Chinese insurers took further hits amid worries that the country's severe weather would inflict costly damages.

China Life (2628.HK) notched down a further 2.1 percent to HK$28.40 and rival Ping An (2318.HK) declined 2.1 percent to HK$56.2.

PICC (2328.HK) tumbled 4.7 percent to HK$7.3. The company increased 2007 net profits by 120 percent, paving the way for the Chinese insurer to launch preparations for an eventual domestic listing, the Financial News said on Thursday [ID:nPEK171720]. (Reporting by Rita Chang; editing by Dominic Whiting)